Truhome Finance IPO Review: Hidden Risks, Growth Potential & Expert Verdict

Truhome Finance has now changed its name from Shriram Housing Finance and is getting ready to bring to market one of the biggest housing finance IPO slated for 2026. They have just got the thumbs up from the Securities and Exchange Board of India (SEBI) to go ahead with their Initial Public Offering (IPO).

Truhome gets a leg up from backing by the global private equity powerhouse Warburg Pincus - and they use that clout to lend a helping hand to people who are self-employed and struggling to get a mortgage in India. Their focus is on helping those folk get into a home of their own. By spreading their operations way out into those smaller towns and rural areas with a load of branches - they have managed to build up a bit of a foothold and are well established.

The company is planning is all about giving them more financial muscle, helping them grow and expand in future, and also making sure they've got enough cash on hand to meet all the regulations and whatnot.

Truhome Finance IPO Details

Particulars	Details
IPO Name	Truhome Finance IPO
Company	Truhome Finance Limited
Former Name	Shriram Housing Finance Limited
Face Value	₹10 per share
Issue Type	Book Built Issue
Issue Size	₹3,000 Crore
Fresh Issue	₹1,500 Crore
Offer for Sale (OFS)	₹1,500 Crore
Listing Exchange	BSE & NSE
IPO Status	SEBI Approved

Truhome Finance IPO Dates

Event	Date
IPO Open Date	To be Announced
IPO Close Date	To be Announced
Basis of Allotment	To be Announced
Refund Initiation	To be Announced
Shares Credit	To be Announced
Listing Date	To be Announced

Investors should monitor the Red Herring Prospectus (RHP) for the final schedule.

Truhome Finance IPO Issue Size

The company plans to raise approximately ₹3,000 crore through the public issue.

• Fresh Issue: ₹1,500 Crore
• Offer for Sale (OFS): ₹1,500 Crore
• Total Issue Size: ₹3,000 Crore

Truhome Finance IPO Price Band

Particulars	Details
Price Band	To be Announced
Market Lot	To be Announced
Minimum Investment	To be Announced

Truhome Finance IPO GMP and Unlisted Market Price

To be Announced.

About the Company: A Story of Growth and Evolution

Truhome Finance was born in 2010 as Shriram Housing Finance. Over a decade, it built a solid foundation in the retail lending space, laying the groundwork for a successful future. But it was late in December 2024 when the real transformation happened - the global private equity firm Warburg Pincus stepped in, taking a commanding stake in the company & turning everything on its head. As a result, a rebirth of sorts took place & the company rechristened itself as Truhome Finance Limited, with its sights firmly set on the rapidly growing & highly profitable affordable housing finance market.

Fast forward to today and Truhome has become go-to lender for creditworthy folks who run their own business in smaller cities like Tier I, II & III.

Assets on the Rise: Having crossed ₹21,124 crore in Assets Under Management (AUM) by December 2025, Truhome Finance has seen an astonishing 30% year-on-year growth over the past three years.

Business Mix: At 57.37% of the portfolio, housing loans are still the backbone of Truhome business. Loans Against Property make up 39.22%, and then there's their other products & services.

Presence Across India: With 216 branches spread across 19 states and union territories, the lender has built a network that touches every corner of the country. They have an in-house sales team of over 3,000+ and a network of 6600+ connectors that make the loans process hassle free

Financial Health: Balance Sheet & Profit and Loss Analysis

Key Financial Metrics (₹ in Crores)

Particulars	9MFY26 (Ended Dec 2025)	FY25	FY24	FY23
Total Income	₹1,807.34	₹1,905.48	₹1,121.05	₹780.50
Profit After Tax (PAT)	₹333.53	₹286.24	₹217.44	₹137.75
Total Assets	₹18,106.06	₹15,140.41	₹11,820.82	₹7,733.56
Net Worth	₹4,182.73	₹3,436.62	-	-

Institutional Backing & Management

How the retailers see an IPO often comes down to who's at the helm and who's pulling the strings behind the scenes. When it comes to corporate governance Truhome really stands out:

Who Owns The Company: First off, the company's major backer is Mango Crest Investment Ltd, a Warburg Pincus affiliate, and this outfit owns a massive 98.16% of the company before the IPO comes into play.

The People At The Top: You see the company is run by a seasoned team led by Dinesh Kumar Khara. He's the chairman, and as the former State Bank of India chairman he brings a massive amount of banking expertise and credibility. The day-to-day operations on the other hand are handled by Ravi Subramanian who is the Managing Director and CEO.

The Banks Behind The IPO: The book running lead managers on this IPO are some top guns - JM Financial , IIFL Capital Services , Jefferies India , and Kotak Mahindra Capital are all together part of this massive syndicate.

Pros & Cons: Risk-Reward Assessment

Opportunities and Strengths

A Top-Drawer Backer: Having Warburg Pincus as the majority shareholder and a former SBI Chief in charge of the board is a huge plus - that's some serious, high-level oversight and it ought to be easier to get their hands on cheaper capital.

Wind in Our Sails: The Indian affordable housing market is really taking off. It's all thanks to the government's focus on infrastructure and the fact that so many people are moving to the cities.

Truhome Got Pace: Over the first nine months of FY26, they managed to deliver an annualized Return on Assets (RoA) of 2.66% and a Return on Equity (RoE) of 11.62% (that's a pretty impressive set of numbers and puts them head and shoulders above their listed peers).

Putting Their Money to Good Use: They're going to take the ₹1,500 crore they get from the fresh issue and plough it straight back into their Tier-1 capital base. That should give them the freedom to lend out more money without putting them at risk of running into trouble with too much debt.

Key Risk Factors

A Problem with the Sale: The ₹3,000 crore issue has got a huge OFS component - half of it is going to be sold off, which means that ₹1,500 crore is going straight into the pockets of the selling promoter rather than being put to use by the company.

Borrowers who are Hard to Bank: Truhome bread and butter - low-income, self-employed borrowers - are a pretty fragile bunch. They're super sensitive to what's going on in the wider economy, and so the company is going to have to be careful to avoid any shocks.

Competition from the Big Boys: Truhome has got a lot of serious competition from some pretty established players like Aadhar Housing Finance, Aavas Financiers, Home First Finance, and Aptus Value Housing.

Rising Costs: It's not good news on the operating expenses front - they rose from 4.87% of overall disbursements in FY23 to 7.17% in FY25, and that's all down to the costs of having all those physical branches.

Truhome Finance Contact Details

Registered Office

Truhome Finance Limited

Customer Care

Toll Free Number: 1800-102-4345

Email: contact@truhomefinance.in

Website: www.truhomefinance.in

Expert Verdict

Truhome Finance is a completely different kettle of fish these days compared to the Shriram-backed outfit of just two years ago. The combination of that big injection of capital from Warburg Pincus, Dinesh Kumar Khara’s hands-on approach to governance, and a return on assets that’s simply super at 2.66% has turned this business into something genuinely exciting.

The Last Word

From a basic perspective, the company ticks a whole lot of boxes - fast growing assets, pristine loan quality and -let’s be honest here - a leadership team that’s as solid as a rock. But the final call still depends entirely on one thing: valuation. If the company's lead managers price the IPO at a fair price-to-book multiple compared to other outfits like Aavas or Home First, this could be a very strong "buy" - both for short-term quick gains and long-term performance. Keep a close eye on what they decide the IPO will be priced at.

Frequently Asked Questions (FAQs)

1. What is the size of the Truhome Finance IPO then?

The Truhome Finance IPO has a total value of ₹3,000 crores - split into a fresh issue of ₹1,500 crores and an Offer for Sale (OFS) of the other ₹1,500 crores

2. What can you expect from Truhome Finance Limited?

They specialise in offering home loans to the self-employed and first-time homebuyers, which are often folks struggling to get a foot on the property ladder across India - at the moment they also do business under the name Shriram Housing Finance.

3. Did Truhome Finance actually get SEBI approval for its IPO?

Truhome Finance got the thumbs up from the Securities and Exchange Board of India (SEBI) to start its proposed ₹3,000 crores public offering.

4. Who are the champions behind the Truhome Finance IPO?

JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital are all playing key roles as lead managers to the Truhome Finance IPO

5. What will the Truhome Finance team actually be using the IPO money for?

The bulk of the cash raised from the fresh issue will be going towards building a stronger financial foundation for the company and also helping to drive growth in their property lending business.

Oravel Stays Limited 'OYO' IPO 2026 Review: Date,Share Price,lot size,Financials and Valuation

Oravel Stays Limited - the company behind the well-known hospitality brand OYO - is one of India's leading technology-enabled hospitality platforms. Founded back in 2012 by Ritesh Agarwal, Oravel Stays now has a full suite of platforms that connect hotel owners, homeowners & travellers all over the world. The OYO brand has a pretty impressive portfolio of brands including Townhouse, Collection O, Capital O, OYO Home, Belvilla, DanCenter & Motel 6. Oravel Stays lately changed its own corporate identity to PRISM, but OYO is still the name that most people know.

Oravel Stays Limited IPO Details

After years of going back & forth with the regulators, Oravel Stays finally got the nod from SEBI for an IPO all the way back on 2 June 2026. That's the third time OYO has tried to go public, following stints in October 2021 & April 2023 when the company had to pull its draft papers due to SEBI asking for changes. This time around though, OYO has got a lot of things sorted : a much better financial position a leaner ask from investors & a much more realistic valuation in its sights.

Particulars	Details
IPO Type	Mainboard IPO
Listing Exchange	BSE & NSE
Face Value	₹1 per equity share
Issue Size	Proposed fresh issue of up to ₹6,650 crore (latest approval)
Earlier DRHP Size	₹8,430 crore including fresh issue and OFS
Price Band	Yet to be announced
Lot Size	Yet to be announced
IPO Dates	Not announced
Listing Date	To be announced
Registrar	MUFG Intime India Pvt. Ltd. (formerly Link Intime)
Status	IPO under process / confidential filing stage

Oravel Stays Limited IPO Dates

• IPO Open Date: Awaited
• IPO Close Date: Awaited
• Basis of Allotment: Awaited
• Refund Initiation: Awaited
• Listing Date: Awaited

Grey Market Premium (GMP) and Unlisted Share Market Price

Over the past four years, the unlisted equity markets have been a crucial part of figuring out the pricing of Oravel Stays. With the news of the regulator finally giving the green light, we've seen a pretty big jump in trading activity on pre-IPO platforms.

Current Unlisted Share Price Range: The price has been fairly steady, stuck between ₹22 and ₹27 per share, with a face value of just ₹1.

What the Market is Saying About Oravel's Value: If you look at the current private market share price, it suggests that Oravel's implied market value is somewhere between $3.5 Billion and $4 Billion. That's a pretty big drop from the $10 billion it was valued at in private funding at its peak, which should give a more realistic picture for the public market.

Estimated GMP So Far: Market watchers suggest that the premium is looking a bit more optimistic than it was, with a roughly ₹13 per share shadow premium - although we won't know for sure until they actually declare the price band.

Oravel Stays Limited IPO Issue Size - Update

The IPO has gone through a lot of changes over the years and its size has been revised multiple times.

• Fresh Issue: they are looking to raise up to ₹6,650 crore.
• Total amount they're allowed to raise: also up to ₹6,650 crore.

What the DRHP Proposed Earlier

• The original plan was for a IPO of ₹8,430 crore.
• Breaking that down - ₹7,000 crore was for fresh issuance and ₹1,430 crore was set aside for an Offer for Sale.

At the moment the new proposal seems to be more about raising primary capital for the company rather than giving existing shareholders an exit route.

Oravel Stays Limited IPO Price Range

IPO Price Band is not announced yet.

Oravel Stays Limited IPO Lot Size

IPO Lot Size is not announced yet.

Financial Performance & Statement Analysis

Consolidated Profit & Loss Highlights in Crores.

Financial Metric	FY 2024-25	FY 2023-24	FY 2022-23
Total Income	₹6,325.89	₹5,541.59	₹5,601.70
EBITDA	₹1,083.50	₹887.81	₹256.50
EBITDA Margin (%)	17.53%	16.02%	4.58%
Net Profit After Tax (PAT)	₹244.82	₹229.58	₹(1,286.52)
Basic Earnings Per Share (EPS)	₹0.35	₹0.36	₹(1.93)

Key Balance Sheet & Cash Flow Inferences

• The Long-awaited Turnaround: Oravel has finally, back to back, managed to stay ahead of the game by posting two years of actual profits (PAT) in FY24 and FY25, putting the financially crippling losses of FY23 firmly in the past.
• Revenue Growth: Revenue is creeping up, at a pretty measured pace of 14.1% in the last fiscal year but to be honest, profits are being driven by the company getting its internal house in order and finding some much needed efficiency gains, rather than some massive jump in market share.
• Cash in the Bank: Oravel is finally starting to see some real cash flowing in, with operating cash flows turning positive at ₹321.25 Crore in the latest year, giving the company a much needed cash float to work with.

Investment Thesis: The Pros vs Cons

Positive Side

• Amazing Turnaround Story: They went from being over ₹1,280 Crore in the red to actually making a profit - shows that when they get things right, their whole business model starts working like it should.
• Asset-Light Business Model: Because they don't own loads of property, they can grow their inventory without having to shell out heaps of extra cash.
• The Value of a Good Brand: They've got one of the most well-known brands in travel, which means that new customers are cheap to get - way cheaper than for new companies that have to spend loads promoting themselves.
• A Good Starting Point for Valuations: By lowering those target expectations to $3.5–4 Billion - that's a big ask for investors, leaving room for growth for people like us.

Negative Side

• Revenue Hasn't Been Growing Much: Historically, revenue has just sort of hung in there - so if we want long-term growth, we need either a revival in the core market or something big to happen through cross border expansion.
• Losing Control of Our Own Destiny: Oravel doesn't actually control the property they use - so disagreements with property owners, or losing lots of those boutique hotels, could be real problems.
• The Law of the Land Keeps Changing: The short-stay and vacation rental market out there - it's a minefield of changing local rules and regulations, especially in Europe.

IPO Management & Corporate Governance

The deal's getting some serious muscle: a top-notch team of global Book Running Lead Managers (BRLMs) is lined up to make this one a success:

Kotak Mahindra Capital Company Limited.

JM Financial Limited.

Citigroup Global Markets India Private Limited.

J.P. Morgan India Private Limited.

Nomura Financial Advisory and Securities (India) - another heavyweight coming in to lend their expertise.

Promoter Profile & Registrar Details

Ritesh Agarwal seems to be driving this one with a 30-33% stake post-restructuring alongside some serious backing from RA Hospitality Holdings (Cayman and SoftBank Group who will still hold a significant chunk ( around 46% pre-IPO equity) of the company.

Link Intime India Private Limited is the chosen registrar to make sure everything runs smoothly.

Registered Office Address:- Ground Floor-001, Mauryansh Elanza, Shyamal Cross Road, Ahmedabad, Gujarat.

Email add:- investors@oyorooms.com

Final Views

Oravel Stays Limited has made a complete U-turn on its investment case since its ill-fated 2021 draft filing. Institutional investors in the public markets are getting increasingly wary of tech startups listing at high prices based on promises of huge growth and burning through cash. However, OYO's aggressive drive to clean up its operations has really paid off - they've effectively shut down their loss-making room portfolios in places like China and shown two full years of actually turning a healthy profit.

As a result, the entry price for investors in OYO is suddenly a lot more realistic - around $3.5-4 Billion right now. Smart investors - both retail and institutional - will be keeping a very close eye on the price range that OYO ends up listing at. If they can manage to price themselves fairly against listed companies like MakeMyTrip that are in the same space, or even traditional hospitality networks, then this could be a great turnaround investment. But investors who are looking for super fast growth in revenues had better wait for OYO to come up with a real plan to get that growth ball rolling.

Rodec Pharma IPO Review 2026: Dates, Price Band and Issue Size

Rodec Pharma, a veterinary healthcare outfit, makes animal feed supplements & markets veterinary prescription meds. They are out to help livestock farmers & the likes - vets, distributors and animal hospitals - all over the country in India.

Founded way back in 1997, in Ghaziabad, Uttar Pradesh, Rodec Pharma used to be all about marketing but over the years it's built up into a proper animal healthcare company with a feed supplement factory of its own. Their portfolio has grown to 35 products across loads of different therapeutic and nutritional areas, with a whopping 29 different flavours/variations to boot.

They filed their Draft Red Herring Prospectus with SEBI back in January 2026, & have just got the thumbs up from SEBI after all that, so now the public issue is all set to go ahead.

Rodec Pharma IPO Details

Particulars	Details
IPO Type	Book Building Issue
Listing Exchange	BSE & NSE
Face Value	₹10 per equity share
Issue Structure	Entirely Offer for Sale (OFS)
Shares Offered	56.50 lakh equity shares
Lead Manager	Khambatta Securities Limited
Registrar	Bigshare Services Private Limited
IPO Open Date	Yet to be announced
IPO Close Date	Yet to be announced
Price Band	Yet to be announced
Lot Size	Yet to be announced
Issue Size	To be determined after price band announcement

Rodec Pharma IPO Dates - What We Know So Far

By June 2026, Rodec Pharma has still to make public the official dates when the IPO will open and close. If you're an investor, you'll want to keep an eye out for the Red Herring Prospectus (RHP) and any notifications from the stock exchange that will have the final details.

The Full Picture On Price Band and Lot Size

As of now, we don't have any information on just how much the shares are going to cost or what the minimum number of shares investors will be able to buy. The details on these points should become clearer as the IPO gets closer to launching and will be included in the RHP once its finalised.

Issue Size and Offer Structure

One of the key takeaways when it comes to the Rodec Pharma IPO is that it's an all-seller game where the 56.50 lakh equity shares are being put up for sale by promoter Mukesh Kumar Gupta. Since there isn't a new issue of shares part of this IPO, Rodec Pharma itself will receive no cash from it. All the cash will go to the seller. Mainly though, the IPO is about getting the company a stock exchange listing and giving existing shareholders some cash.

Rodec Pharma Products and Business Model

Rodec Pharma operates in the animal healthcare industry and focuses on products aimed at improving livestock health, productivity, and nutrition.

Its product portfolio includes:

• Veterinary antibiotics
• Anthelmintics
• Antispasmodics
• Analgesics and antipyretics
• Ectoparasiticides
• Animal feed supplements
• Nutritional formulations for livestock

The company markets products through a widespread distribution network covering Uttar Pradesh, Maharashtra, Haryana, Punjab, Gujarat, Rajasthan, Madhya Pradesh, Telangana, Bihar, Jharkhand, Assam, Uttarakhand, Himachal Pradesh, West Bengal and other states.

Rodec Pharma Financial Performance

Profit & Loss Statement in Crore.

Financial Year	Revenue	PAT
FY 2023	71.72	5.21
FY 2024	89.61	11.04
FY 2025	108.19	18.26
FY 2026 (Sep 2025)	63.71	9.73

The company has demonstrated strong earnings growth over the last three financial years.

• Revenue increased from ₹71.72 crore in FY23 to ₹108.19 crore in FY 25.
• Net profit increased from ₹5.21 crore to ₹18.26 crore during the same period.
• FY25 profit growth exceeded 65% year-on-year.

Balance Sheet Highlights in Crore.

Financial Year	Total Assets
FY2023	44.13
FY2024	50.62
FY2025	71.99
Sep 2025	78.07

Key Financial Ratios

Metric	FY2025
Return on Net Worth (RoNW)	36.49%
Return on Capital Employed (ROCE)	40.94%
EBITDA Margin	24.21%
PAT Margin	17.16%
Debt-to-Equity	0.17x
EPS	₹8.08
NAV	₹22.15

These numbers speak to a business that is both profitable and in a good financial position - the kind of situation where you can earn a decent return on the money you have invested the company, and you're not taking on too much debt while doing it.

What Rodec Pharma does well?

A track record of business growth

Rodec Pharma has been posting steady revenue and profit increases over the last three years, and that's largely thanks to a growing demand for its products in the livestock healthcare market.

Financials that are hard to ignore

The numbers on profitability - RoNW at 36.49% and ROCE nudging 40% - show that the company is making the most of the money it's got, and that stacks up pretty well against its competitors.

A healthy animal health industry

The Indian animal health market looks set to keep on growing, thanks to a rising livestock population, people eating more dairy products, government efforts to prevent disease, and a growing awareness of the importance of animal nutrition.

A diverse range of products

The company works across two main areas - pharmaceuticals and animal nutrition - so if one area of business happens to slow down, there's still plenty of potential elsewhere for Rodec Pharma to make sales.

A strong network of suppliers and customers

Rodec Pharma has a presence in lots of different states, which gives it a big customer base and means it's well placed to expand into even more areas in the future.

Risks and Concerns - Things That Might Keep You Up at Night

Entire IPO is an OFS - Not Exactly a Cash Cow

Since the whole IPO is just an offer for sale, it basically means the company isn't getting any fresh capital to help it grow, cut debt or drive business forward. That's a pretty big drawback as far as the company's finances are concerned.

Lean on Third-Party Manufacturers

The fact that a lot of its veterinary pharmaceutical products come from third party manufacturers creates some pretty real operational and supply chain risks.

Down on Luck with Geography

Surprisingly, a lot of its revenue comes from Uttar Pradesh which could make it vulnerable to any regional specific market or regulatory ups and downs.

Not Long Enough in the Factory Game

Its in-house manufacturing only kicked off in December 2022, so right now investors don't have a lot to go on when it comes to judging the company's manufacturing performance over time.

Not the Research & Development Star You Might Think

To be honest - the company doesn't really do that much in-house R&D - which might hold it back long term in a pretty fast moving pharmaceutical market.

Expert Review and Verdict

From the very start, Rodec Pharma Limited looks like a business with a solid foundation , running a business model that's well set up to thrive in a pretty defensive and extremely high-demand sector. For India's massive rural economy, livestock health and dairy optimisation are just two costs of doing business that people can't really avoid - and that gives the company some good protection from all the ups and downs of the wider economy.

The Verdict

The success or otherwise of this public listing will all come down to how the company is valued in the end. Because it's an OFS (which is a pretty aggressive way to get listed, to be honest), if they price it too high at the start then it's likely that investors who get in at the beginning won't make a lot of money by the time the market has settled down. So, anyone looking to invest should probably just wait to see the RHP filing and then take a good hard look at the price band they're offering against the company's actual earnings per share (EPS) - and do that over their actual annual earnings , rather than just estimates. If the company gets a fair price in the end - and that's relative to some of the bigger players in the animal health space - then they've got a great track record to show for it, and that's definitely worth considering for long-term investors looking to keep some money in the market.